What  does the newbie bring to the partnership of enough value to justify being a partner?

Short-term rentals justify a new category because there are different laws, zoning restrictions, tax implications, eviction procedures, marketing tools, etc. 

You are literally justifying illegal activity because you are getting stable $$ from it.

It is just really hard to justify telling someone "you had your chance for DD and oh well, things happen!"

@Precious Thompson  there are several reasons that a person in the REI space might make that decision  However, keep in mind that a person can always convince themselves that pretty much anything is justifiable. 

Can't charge more for rent, market won't justify it and local salaries won't allow people to afford it.

If I can generate a 30% IRR on a single family rental, I'm happy to pay above market value...hell, I'll pay WAY above market value if the returns justify it.

@Jason L.Hi Jason,IMO the property would need to be in a solid B+ or A class area to justify the price and rent.I know the entry price for Midwest turn key properties is normally much less.In saying that I do not know the Indianapolis market.Thanks for reading and have a great day.

Everyone wins when investors challenge themselves and anyone they do business with to justify a purchase.  

We're in that sweet spot of too big to chop up into resi, and too modernized to justify the cost of either demo or cutting into the structure to make it "E" shaped.